Business News
Tony Elumelu Appointed Into Seplat Board After Heirs Energies’ Share Acquisition
The appointment comes weeks after his energy firm, Heirs Energies, acquired 20.07 percent stake in Seplat in deal valued at nearly $500 million.
Seplat, in a filing with the Nigerian Exchange Limited (NGX) on Thursday said the development follows the resignation of its former non-executive director, Olivier Cleret De Langavant, after six years of service.
Elumelu, founder and chairman of Heirs Holdings, a diversified investment group with interests across energy, power, banking, insurance, technology, real estate, hospitality, and healthcare, is expected to assume the position immediately.
Landmark Share Acquisition
In December 2025, Elumelu, through Heirs Energies, acquired a 20.07% stake in Seplat Energy for $496 million, making the company the largest shareholder in one of Nigeria’s leading indigenous oil and gas producers.
The acquisition, announced on December 31, 2025, involved the purchase of French firm Maurel & Prom’s entire holding in Seplat, comprising 120.4 million ordinary shares priced at 305 pence each.
Following the deal, Seplat Energy’s stock recorded a historic rally. On January 7, 2026, its share price surged to N6,171, crossing the N6,000 mark for the first time in the history of Nigeria’s stock market. The rally followed a 10% daily gain after the stock closed at N5,610 on January 6.
Board Reactions
In a statement filed on NGX, Seplat said: “We are confident that Mr. Elumelu’s extensive experience and visionary leadership will significantly advance Seplat Energy’s strategic objectives and reinforce the company’s commitment to sustainable growth and long-term success.”
Chairman of Seplat Energy, Udoma Udo Udoma, described Langavant’s contribution over the past six years as “outstanding,” noting that his expertise and commitment were instrumental in driving the company’s strategic initiatives.
He added: “We warmly welcome Mr. Elumelu to the Board and look forward to leveraging his wealth of experience and leadership as we continue to pursue sustainable growth and value creation for all stakeholders.”
Profile
Elumelu is one of Africa’s most prominent investors and philanthropists. He currently serves as chairman of United Bank for Africa (UBA) Group, Heirs Energy, and Transcorp Group, whose subsidiaries include Transcorp Power and Transcorp Hotels Plc.
In 2010, he founded the Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering entrepreneurs across all 54 African countries.
His global recognition includes being named among TIME Magazine’s 100 Most Influential People in the World (2020) and the conferment of the Commander of the Order of the Federal Republic (CFR) in 2022. He also serves on several global advisory platforms, including UNICEF’s Generation Unlimited Global Leadership Council and the International Monetary Fund’s Advisory Council on Entrepreneurship and Growth.
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